Financing in Chicago>Question Details

casper3043, Other/Just Looking in Chicago, IL

Trouble finding a lender for a warehouse - residential conversion

Asked by casper3043, Chicago, IL Sat Sep 21, 2013

I have found a warehouse (zoned for manufacturing) I'm interested in purchasing but I'm having a difficult time finding financing. I spoke with residential loan originators and they won't touch it due to it simply being a commercial property. Commercial lenders won't help because there is no "business", the loan is very small compared to average commercial loans, etc. (excuses go on). I talked with big banks, my local bank, and some investment companies. I have 30% for a down payment and great credit. There is a property 2 doors down from this warehouse that has been converted to a home along with a lot of residential lofts around the area. Does anyone have a recommendation for a lender in the Chicago area?

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4
I will call the MB bank they do that type of loans
1 vote Thank Flag Link Sun Sep 22, 2013
too large of a company as well...
Flag Tue Sep 24, 2013
Try reaching out to Jim Koulos
- 815-436-0500 -
jkoulos@thefederalsavingsbank.com
0 votes Thank Flag Link Mon Sep 23, 2013
You need to find a bank that specializes in commercial loans. If something is zoned commercial, you cant get a residential loan on it.
0 votes Thank Flag Link Sun Sep 22, 2013
Have you tried Inland Bank?
They have a big commercial dept.
0 votes Thank Flag Link Sun Sep 22, 2013
Denied...the lowest amount they'll lend is $3million on a commercial property. The warehouse I'm interested in is under $300k.
Flag Mon Sep 23, 2013
I have not....I will give them a call monday
Flag Sun Sep 22, 2013
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